HMRC Says AXA Underwriter's Tax Obligations Were Valid

Law360 (April 26, 2021, 5:02 PM EDT) -- The U.K. tax authority hit back against claims by a subsidiary of AXA XL Ltd. that the government was unduly enriched by payments from an underwriter that should have gone to the subsidiary, arguing the underwriter's tax obligations were valid.

In the High Court filing, dated April 19 and recently made public, HM Revenue & Customs disputed XL Insurance Co. SE's position that the amounts paid by underwriter Paul Alan Corcoran to HMRC should have been paid to XL instead. XL is suing Corcoran, sole shareholder and director of Ipors Underwriting Ltd., which acted as XL's agent from 2012 to 2016,...

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